In business things have to logical, add up and make sense, when things do not make sense you best to stay away.

Greed is the worse trait to poses, greedy people are easily manipulated and a lot of manipulation happen when people can take advantage of greed because generally logic and common sense flies out the window, there will always be some sort of short therm gain depending on where in the cycle you are lucky to be placed but there is no longevity, IMO longevity, steadiness is what you need in business because that leads to stability and therefore comfort.

Lets say I would put $10K into coinbase and then transfer it all to Bittrex and it just sits in Bittrex for 5 years and never goes back to coinbase, and I never made any money in coinbase, what would the resulting taxes be in that?

And if I transferred $10K back to coinbase and then back to my checking account what then?

Lets say I would put $10K into coinbase and then transfer it all to Bittrex and it just sits in Bittrex for 5 years and never goes back to coinbase, and I never made any money in coinbase, what would the resulting taxes be in that?

And if I transferred $10K back to coinbase and then back to my checking account what then?

In the regular sense, of you get an incorrect 1099 you go back to issuer and ask for an amendment. Letting an erroneous 1099 go by can increase your audit risk.

I would not consider over 200 trades high volume, nor would I consider a $20,000.00 dollar gain a big gain. However the IRS will, and yes it appears that individuals that break these thresholds and use coinbase are receiving these 1099's as well. Vic

I would not consider over 200 trades high volume, nor would I consider a $20,000.00 dollar gain a big gain. However the IRS will, and yes it appears that individuals that break these thresholds and use coinbase are receiving these 1099's as well. Vic

But I have never really traded anything in coinbase, I have always transferred it to somewhere else. So I have made $0 in coinbase.

Lets say I would put $10K into coinbase and then transfer it all to Bittrex and it just sits in Bittrex for 5 years and never goes back to coinbase, and I never made any money in coinbase, what would the resulting taxes be in that?

And if I transferred $10K back to coinbase and then back to my checking account what then?

Even if it climbed to a billion in Bittrex coinbase wouldn't know.

As i understand, any exchange for one currency to another is like exchanging to US dollar first and then to the other currency. So any exchange from one currency to another becomes a taxable transaction.

--------------------

"On a long enough timeline, the percentage of human existence is ZERO....." You only live once, Enjoy the ride!

“In my opinion, there is a gigantic speculative bubble related to bitcoin because this is neither a serious method of payment nor a good way to store capital,” he said. “Bitcoin feeds on itself” and there are no fundamental reasons for its price to reach such levels, Roubini explained"

Roubini said that "HODL nuts" will hold bitcoin until it plummets to zero.

Top Gear: In eleven years at the company you’ve met a huge number of your customers, can you tell us what a typical Lamborghini owner is like?

Stephan Winkleman: It seems very superficial, but it’s really male. Usually, they’re all self-made men – ranging from those in the 20s right up to men in their 70s. They’re very proud of their product, and they have no fear to be seen in a car like this.

And when I speak to them, I feel that they buy into a world, not only into a product. So it’s also a lifestyle, an idea they see behind that. And they enjoy the car as something that is rewarding them for the hard work they’re doing, or a dream that came true after, say, saving for 20 years.

Top Gear: In eleven years at the company you’ve met a huge number of your customers, can you tell us what a typical Lamborghini owner is like?

Stephan Winkleman: It seems very superficial, but it’s really male. Usually, they’re all self-made men – ranging from those in the 20s right up to men in their 70s. They’re very proud of their product, and they have no fear to be seen in a car like this.

And when I speak to them, I feel that they buy into a world, not only into a product. So it’s also a lifestyle, an idea they see behind that. And they enjoy the car as something that is rewarding them for the hard work they’re doing, or a dream that came true after, say, saving for 20 years.